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Home > About Manulife > Company History
Manulife Financial - History
Following are highlights of Manulife Financial’s 120-year history, including the Company’s operations and milestones in key markets.
| 1887 – 1900 | 1901 – 1930 | 1931 – 1979 |
| 1980s | 1990s | 2000 – 2011 |
June 23, 1887, The Manufacturers Life Insurance Company (Manulife Financial) was incorporated by an Act of Parliament. Sir John A. Macdonald, Canada's first Prime Minister, was elected President of the Company.
December 1887, Manulife Financial was one of the first companies to offer life insurance to women on the same basis as men.
1893, the first policy was sold outside of Canada in Bermuda, beginning a long tradition of establishing operations internationally.
1896, assets were already more than $1.2 million - the fastest 10-year growth of any Canadian company at the time.
1897, Manulife Financial expanded the Company's operations into Asia, including China and Hong Kong.
1901, Manulife amalgamates with the Temperance and General Life Assurance Company.
1902, Manulife Financial's agency in Manila, Philippines was established.
1903, Manulife Financial wrote its first policy in Sumatra (Indonesia).
1903, the Company entered the U.S. market with a license to sell insurance in Michigan, opening an office in Detroit. Manulife Financial began by providing basic life insurance products. Later expanding across the States, Manulife Financial developed its market to include estate and business planning services to affluent Americans and offering investment-type products to American customers.
1907, the Company's total amount of insurance in force reached $50 million.
1918, the Company's total amount of insurance in force reached $100 million.
1925, Head Office in Toronto, Ontario Canada was officially opened, remaining the Company's global headquarters to present day.
1931, Manulife Financial Branch Office opened in Hong Kong.
1939-1945, World War II caused disruption to much of Manulife Financial's business in the Far East, with the Company withdrawing or ceasing to do business in many areas. During the War, 370 agents and staff members served in the armed forces worldwide.
1940, Manulife Financial continued to lead the field by being the first North American insurance company to offer insurance to controlled diabetics.
1947, the Company's Diamond Jubilee saw the celebration of two milestones - total business in force reaching $1 billion and the sale of the one-millionth policy.
1949, Manulife Financial opens Investment Office in the U.K. that later develops into the international investment office for the Company.
1955, the Company creates the position of Chairman of the Board that is first held by former president James H. Lithgow.
1956, became the first insurance company in Canada to embrace mainframe computer technology with the installation of the IBM 650.
1958, a special shareholder meeting passed a vote on mutualization, making the Company privately held by its policyholders. The mutualization process took 10 years to complete.
1959, total business in force reaches $3 billion.
1961, the Company's assets reach $1 billion.
1968, two-millionth policy sold.
1971, saw the introduction of the corporate wordmark "Manulife."
1975, opening of permanent blood donor clinic in the Manulife Centre, Toronto.
1979, total assets surpassed $5 billion.
1980, the company entered into a joint venture in Singapore - Singapore PTE Limited (later renamed OUB Manulife).
1981, Manulife Financial became one of the first major Canadian life insurance companies to offer lower premium rates for non-smokers.
1982, growth in the United States surged with two key acquisitions: the National Liberty Life Insurance Company of America (later renamed The Manufacturers Life Insurance Company of America) and the Maine Fidelity Life Insurance Company (later renamed The Manufacturers Life Insurance Company (U.S.A.)).
1984, growth continued in Canada with the purchase of the Dominion Life Assurance Company. That year, the Company's total assets reached $10 billion.
1985, the Company entered into a joint venture in Indonesia with Dharmala Group and the International Finance Corporation (the private sector arm of the World Bank) to form P.T. Asuransi Jiwi Dharmala Manulife.
1986, total insurance in force reached $100 billion.
1987, Manulife Financial celebrates its Centennial.
1988, the Company's Canadian Operations headquarters in Waterloo, Ontario, Canada officially opened.
1990, "Manulife Financial" became the new corporate identity to reflect the Company's diverse business beyond life insurance.
1992, Manulife Financial became the first Canadian life insurance company to open a representative office in China (Beijing).
1993, Manulife Financial became the first Canadian insurance company to open a bank with the launch of The Manulife Bank of Canada.
September 30, 1994, Manulife Financial saw growth in Canada with the purchase of Confederation Life's group life and health business.
January 1, 1996, Canadian growth continued with Manulife Financial’s amalgamation with the North American Life Assurance Company.
November 26, 1996, The Zhong Hong Life Insurance Co., Ltd. (now Manulife-Sinochem Life Insurance Co. Ltd.), Manulife Financial's joint venture in Shanghai, became China's first joint venture life insurance company.
1996, Launch of manulife.com, the company’s first website.
1996, Manulife Financial reported net operating income of $503 million, making it the first Canadian life insurer to pass the half-billion dollar mark in earnings.
1998, Manulife Financial prepared a plan of demutualization – the process of converting from a mutual life insurance company to an investor-owned, publicly-traded stock company.
April 1, 1999, Manulife Financial was the first Canadian life insurance company to launch a joint venture in Japan – Manulife Century Life (now Manulife Life Insurance Company).
July 29, 1999, 98.5% of Manulife Financial's voting eligible policyholders approved The Manufacturers Life Insurance Company's demutualization.
September 1999, Chinfon–Manulife Insurance Company (now Manulife (Vietnam) Limited) became the first wholly foreign–owned life insurance company authorized to transact business in the Socialist Republic of Vietnam.
September 24, 1999, the shares of Manulife Financial Corporation, the holding company of The Manufacturers Life Insurance Company and its subsidiaries, began trading on The Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the ticker 'MFC.'
September 27, 1999, shares began trading in Asia on The Stock Exchange of Hong Kong (SEHK) and the Philippine Stock Exchange (PSE).
October 31, 2000, 40 per cent interest in PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) acquired from PT Dharmala Sakti Sejahtera.
December 22, 2000, Manulife announced the acquisition of Commercial Union's Canadian life insurance business and of Zurich Canada's group life and health operations. These acquisitions were completed early 2001.
2000, For fiscal year 2000, Manulife became the first Canadian life insurance company to exceed one billion dollars in net income.
2001, Manulife entered the College Savings market in the United States.
2001, Manulife successfully completed the offering of $800 million principal amount of redeemable subordinated debentures, establishing another first by pricing the largest subordinated debt financing by a Canadian insurer.
April 2, 2001, Manulife acquired Daihyaku Mutual's large inforce business in Japan. Later in that year Manulife Century Life changed its name to Manulife Seimei in order to simplify its presentation in the Japanese market and to promote a stronger link with its successful parent organization, Manulife Financial.
April 2, 2001, Group life and health employee benefits business acquired from Zurich Canada.
December 11, 2001, Manulife announced its acquisition of CIGNA’s agency business in Taiwan, significantly strengthening the Company’s position in that insurance market.
December 31, 2001, Manulife entered into an agreement to purchase the shares of its joint–venture partner, Chinfon Global Corporation (Vietnam), increasing its interest to 100%. The new company is named Manulife (Vietnam) Limited.
2002, President and Chief Executive Officer, Dominic D’Alessandro named “Canada’s Outstanding C.E.O. of the Year 2002” by his peers for his contribution to business and the community.
2002, Manulife–Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to officially open its branch office in Guangzhou, China. This is the first branch license granted by CIRC to a foreign invested joint–venture life insurance company.
February 18, 2002, Manulife acquired Zurich Life Insurance Company of Canada from Zurich North America.
June 30, 2002, Manulife Philippines acquires block of in-force life insurance business formerly belonging to MetLife Insurance Company of the Philippines by way of an Assumption Reinsurance Agreement.
October 17, 2002, Manulife entered an agreement to acquire the life insurance and pension and education operations of CMG Philippines from Commonwealth Bank of Australia.
2003, Manulife–Sinochem Life Insurance Co. Ltd. opened a branch office in Beijing, China. This was Manulife–Sinochem's second branch license and the first multiple–branch license granted to a foreign-invested joint–venture life insurance company by the China Insurance Regulatory Commission.
September 17, 2003, PT Asuransi Jiwa Manulife Indonesia entered into an agreement to acquire the Indonesian life business of Zurich Financial Group, PT Zurich Life Insurance Indonesia and PT ING–Aetna Life Indonesia.
September 28, 2003, Manulife Financial Corporation and John Hancock Financial Services Inc.(including its Canadian subsidiary Maritime Life) announced that their Boards of Directors had each unanimously agreed to a tax–free stock–for–stock merger of the companies creating a leading global insurance franchise. Completed in April 2004, the merger creates the largest life insurer in Canada, second largest in North America, and fifth largest in the world.
January 26, 2004, Manulife Japan and the Bank of Tokyo–Mitsubishi enter into a strategic alliance to deliver customer variable annuity products.
December 2004, Manulife Indonesia and Manulife Financial, along with its employees and agents, raise more than $1 million to support tsunami relief efforts focused on Banda Aceh and the Red Cross International Relief Fund.
August 31, 2006, Manulife Financial acquires The Pramerica Life Insurance Company, Inc. (“Pramerica Life”) in the Philippines from Pramerica Financial.
October 23, 2006, Manulife Investments launches a first-of-its-kind financial product into the Canadian marketplace. IncomePlus is
February 9, 2007, Manulife
June 26, 2007, Manulife Financial Corporation and Berkshire-TWC Financial Group Inc. announced that, Manulife will acquire Berkshire’s mutual fund and securities dealerships in
December 6, 2007, Arthur Sawchuk, Chair of Manulife Financial Corporation and The Manufacturers Life Insurance Company announced the appointment of Gail C. A. Cook-Bennett as Vice-Chair. Dr. Cook-Bennett has been a Manulife director since 1978.
September 8, 2008, Arthur Sawchuk, Chair of the Board of Directors of Manulife Financial, announced that Donald A. Guloien will succeed Dominic D’Alessandro as its next President and CEO, effective May 7, 2009. Mr. D’Alessandro, who has led Manulife since 1994, will retire on that date.
October 28, 2008, Manulife Asset Management Hong Kong has completed its acquisition of Fuhwa Securities Investment Trust Co., Ltd. (Fuhwa SITE). The acquisition adds seven new retail funds to Manulife’s current offering in
January 14, 2009, Following Manulife’s successful acquisition of Fuhwa Securities Investment Trust Co., Ltd. in October 2008, the Company today introduces its new asset management company - Manulife Asset Management Taiwan Ltd.
January 21, 2009, Manulife Aset Manajemen Indonesia (MAMI) launches its first Sharia mutual fund, called Manulife Syariah Sektoral Amanah (Manulife Sharia Sectoral Mandate) a one of a kind product in
March 20, 2009, MFC Global Investment Management (MFC Global) launches its first Asian oriented equity fund targeted at institutional investors, the Institutional Class Greater China Opportunities Fund.
May 11, 2009, John Hancock has been named the sole carrier for the Federal Long Term Care Insurance Program’s (FLTCIP) second seven-year contract period by the U.S Office of Personnel Management. The FLTCIP is the largest employer-sponsored LTC insurance program in the
June 12, 2009, Manulife
September 25, 2009, Manulife Financial Corporation announced that it has closed the transaction to purchase AIC’s Canadian retail investment fund business, previously announced on August 12, 2009.
October 15, 2009, Manulife Financial acquires Pottruff & Smith Travel Insurance Brokers Inc., making Manulife Affinity Markets one of Canada’s largest providers of travel services.
March 24, 2010, Manulife Asset Management (Taiwan) launches the Manulife Asia Pacific Mid and Small Cap Fund. The fund is the first New Taiwan Dollar-denominated Asian small and mid-cap equity fund to be available in the Taiwan market.
March 31, 2010, MFC Global Investment Management enters into a new asset management joint venture in China – Manulife TEDA Fund Management Company, Ltd.
July 18, 2010, PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) celebrates its 25th anniversary.
September 13, 2010, Manulife Bank of Canada launches Manulife Trust Company to offer Canadians a range of products available through their financial advisors.
February 11, 2011, Manulife Asset Management acquires the assets of Optique Capital Management, a registered investment adviser based in Milwaukee, Wisconsin.
February 28, 2011, Manulife Real Estate, the real estate arm of Manulife Financial, is extending to investors the benefit of its more than 60-year history of managing quality commercial real estate assets with the formation of a new Manulife Real Estate Funds platform and the launch of its inaugural Manulife Canadian Real Estate Funds offering.
June 23, 2011, Manulife introduces Synergy®, a unique insurance solution to help protect Canadians from life’s major risks. Synergy features three policies – life, disability and critical illness insurance – in one convenient and affordable solution.
June 28, 2011, Manulife Asset Management (Taiwan) announces the launch of the Manulife China Dim Sum USD High Yield Bond Fund, the first of its kind in Taiwan. The fund becomes available to institutional and retail investors through direct sales and selected banks starting July 4.
July 18, 2011, Manulife Financial Corporation announces that it has entered into an agreement to sell its Life Retrocession business to Pacific Life Insurance Company, based in the United States. The transaction is completed August 31, 2011.
July 27, 2011, Manulife Indonesia launches Pro Health, the first-of-its-kind stand-alone health insurance product that provides comprehensive medical coverage for all illnesses including critical illnesses up to age 99.
November 15, 2011, Manulife Financial announces that it has received “approval in principle” from Cambodia’s Ministry of Economy and Finance to set up a wholly foreign-owned life insurance operation. Cambodia expands Manulife Asia’s operations to an 11th territory.
If you are interested in further information on the history of Manulife Financial, please contact the Corporate Archives at archive@manulife.com.